A STUDY ON CUSTOMER SATISFACTION TOWARDS VARIOUS PRODUCTS AND SERVICES OF UAE EXCHANGE IN ERNAKULAM CITY

SUMMER PROJECT Submitted to RAJAGIRI BUSINESS SCHOOL

In Partial Fulfilment of the Requirements for the Award of

POST GRADUATE DIPLOMA IN MANAGEMENT

(2011-2013) By

Achu James P11104

RAJAGIRI BUSINESS SCHOOL
RAJAGIRI VALLEY KOCHI-682 039

DECLARATION

I hereby declare that the report titled A STUDY ON CUSTOMER SATISFACTION

TOWARDS VARIOUS PRODUCTS AND SERVICES OF UAE EXCHANGE is a bonafide

record of the study done by me, as a part of my PGDM programme at Rajagiri Business School.

This study has been undertaken in partial fulfilment of the requirement for the award of Post Graduate Diploma in Management (PGDM) by Rajagiri Business School.

I also declare that this report has not been previously formed for the award of any degree, diploma or other similar title of recognition of any other university/ institutions.

Date: 14-06-2012

Signature:

Place: Cochin

Name: Achu James

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ACKNOWLEDGEMENT

This report has been enriched by the inputs of various people. I take this opportunity to thank each and every one of them.

Above all I thank the God Almighty for his immense grace and blessings at each and every stage of the project.

I would like to thank Dr. Joseph. I. Injodey, Hon.Dean, of Rajagiri Business School to provide the necessary support to complete the project report, and encourage us to further carry out research in coming future.

I am greatly indebted to my faculty guide, Prof. Abraham Babu, Rajagiri Centre for Business Studies for his kind guidance, cooperation and helpful suggestions in every stage of this project.

I extend my sincere thanks to Mr. Johnee Praveen Head- Human Resource and my project guide Mr. Benny Joseph, Division Head HR, for giving me valuable guidance.

I owe my sincere thanks to UAE EXCHANGE Ernakulam MG Road branch and its employees for helping me during my visits and took special efforts to see that I could learn as much as possible during the Internship.

I would also like to thank my parents, friends & relatives for supporting me in completing this project.

CONTENTS

CHAPTER 1 INTRODUCTION........................................................................1 1.1 Introduction................................................................................2 1.2 Rationale of the study.................................................................4 1.3 Scope of the study.......................................................................4

CHAPTER 2 INDUSTRY AND COMPANY PROFILE................................5 2.1 Indian Non Banking Finance Companies...................................6 2.2 Types of NBFCs.........................................................................8 2.3 UAE Exchange Group................................................................9 2.4 History........................................................................................9 2.5 Company port folio...................................................................11 2.6 Indian operations.......................................................................11 2.7 Advantages................................................................................13 2.8 Major business activities...........................................................13 2.8.1 Money Transfer................................................................13 2.8.2 Money Exchange..............................................................16 2.8.3 Travel and Ticketing........................................................18 2.8.4 Xpress Loan.....................................................................19 2.9 Organization Structure...............................................................23 2.10 Various Departments in UAE Exchange.................................24 2.11 Branch Structure......................................................................26

CHAPTER 3

RESEARCH METHODOLOGY..............................................28 3.1 Title of the study........................................................................29 3.2 Objectives..................................................................................29 3.3 Research Design........................................................................30 3.4 Sampling Design.......................................................................30 3.5 Data collection Tools................................................................30 3.6 Data analysis Tools...................................................................30 3.7 Limitation of the study..............................................................30

CHAPTER 4 DATA ANALYSIS AND INTERPRETATION.................31-47

CHAPTER 5 FINDINGS, SUGGESTIONS AND CONCLUSION...............48 5.1 Findings.....................................................................................49 5.2 Suggestions................................................................................50 5.3 Conclusion.................................................................................50 BIBLIOGRAPHY........................................................................52 ANNEXURES.........................................................................53-55

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LIST OF TABLES
TABLE NO: 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 Age Profile Gender Classification Product Port folio Frequency of Transaction Preference level of customers Transaction time Acceptable waiting time Courteousness of branch staff Affordable service provider Speedy responses to the complaints Customer satisfaction on Foreign Exchange Customer satisfaction on Money Transfer Customer satisfaction on Travel and Tours Customer Experience Customer preferred Brands Level of Satisfaction with UAE Exchange TABLE NAME PAGE NO: 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

LIST OF FIGURES
GRAPH NO: 2.1 2.2 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 TABLE NAME Organization Structure Branch Structure Age Profile Gender Classification Product Port folio Frequency of Transaction Preference level of customers Transaction time Acceptable waiting time Courteousness of branch staff Affordable service provider Speedy responses to the complaints Customer satisfaction on Foreign Exchange Customer satisfaction on Money Transfer Customer satisfaction on Travel and Tours Customer Experience Customer preferred Brands Level of Satisfaction with UAE Exchange PAGE NO: 22 25 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

EXECUTIVE SUMMARY

Non banking finance companies form an integral part of the Indian financial system. NBFC in India are registered companies conducting business activities similar to banks. But the main difference between these two are, NBFC cannot accept demand deposit and they cannot issue cheque to customers. A non banking financial company is a company registered under the Companies Act, 1956 and is engaged in the business of banks and advances, acquisition of shares, bonds, debentures, securities issued by government or local authority or other securities of like marketable nature, leasing, hire purchase, insurance business, chit business, foreign exchange transactions. The UAE Exchange Group is one of the largest and most trusted financial institutions in the world offering money transfer and money exchange services all over the world. The product line of UAE Exchange includes money transfer, foreign exchange, travel and tours, general insurance, stock trade, loans against gold and shares etc. The UAE Exchange group commenced its Indian operation in 1999 with 5 branches in the state of Kerala as UAE Exchange & Financial Services Ltd. It was incorporated as a Public Limited company in 1995 under the Indian Companies Act 1956. It is also registered with the Reserve Bank of India as a public limited non banking finance company (NBFC). The title of the project is A study on customer satisfaction towards various product and services of UAE Exchange. As the title suggests, the project involved studying the factors that influenced the customers while availing the product and services of the organization. The objective is to find out the frequency of transactions, preference, time taken to conclude the transaction, helpfulness of the branch staff etc. Through this the satisfaction level of services can be identified. The scope of the study was restricted to the customers of UAE Exchange in the Ernakulam city. The research design used in the study is descriptive in nature. The population of the study are the customers of UAE Exchange MG Road Ernakulam branch. The convenience sampling method is used for collecting the data. Primary data was obtained through structured questionnaires with the customers of the organization. The study was mainly aimed at identifying the close competitor of the UAE Exchange and compares both with the satisfaction level of the customers.

From the analysis done it is revealed that 3/4th the product and services of the organization were used by male. The lion share of the customers is belonging to the age group of 21-30. The most moving product of UAE Exchange is foreign exchange and money transfer facilities. One important thing is that there were no customers for the product general insurance and gold loan. From the study it is understood that the main reason why the customers chose UAE Exchange for their transaction is because of reliability. Most of the customers took 5-10 minutes to conclude their transactions. The customers confirm that the behaviour and helpfulness of branch employees are very good. More than 60% of the customer agrees that the charges made for the services are reasonable.. In the case of UAE Exchange 58% of the customers did not have any complaints regard to the services and products. From the analysis of the product part, it is revealed that majority customers of foreign exchange are satisfied with the product. The customers of money transfer also satisfied with the organization and its product. When compared with the product of competitors the customers are satisfied with the offerings and operations of UAE Exchange. These are the major findings from the project study. The general public treated UAE Exchange as a company which deals in only money transfer and money exchange business. So it is very important that the company should promote other product in a great extent. Advertisement campaign about the business like travel and tours, general insurance and loan should be taken care of. As a result the company can attract more customers for its product. When the services of competitors were taken into consideration, the customers who used both the product are satisfied with UAE Exchange. So, in this case the organization should take measures to gain more advantage over the competitors by adding more agencies to the business.

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CHAPTER 1

INTRODUCTION

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1.1 INTRODUCTION
In recent years, the non banking industry around the country has been undergoing a rapid transformation. Non banking company is regarded as a consumer-oriented services industry and the companies have started realizing that their business increasingly depends on the quality of the consumer service provided and overall satisfaction of the customer.. In addition, the deepening of information technology has facilitated better tracking and fulfilment of commitments, multiple delivery channels for customers, and faster resolution of issues. Today, customers expect higher quality services from companies which, if fulfilled, could result in significantly improved customer satisfaction, and potentially retention levels. The non banking industry, as is the case with other financial services industries, is facing a rapidly changing market, new technologies, economic uncertainties, competition, and more demanding customers; and the changing environment has presented an unprecedented set of challenges .Unlike in the past, the companies in the non banking sector, today are market driven and market responsive. The top concern in the mind of every organizations head is increasing or at least maintaining the market share in every line of business against the competition. With the entry of new players and multiple channels, customers have become less loyal to the companies or organizations in this field. Bank is also treated as a major competitor of non banking finance industry. This makes it very important that the companies in this sector provide best possible products and services to ensure customer satisfaction.

Customer satisfaction is an evaluation by the customer, after buying goods and services. The most important view of customer satisfaction in the academic world is that customer satisfaction is assumed out of the comparison of pre purchase expectations with post-purchase evaluation of the product or service. Achieving customer focus requires leveraging existing customer information to gain deeper insight into the relationship a customer has with the institution, and improving customer service-related processes so that the services are quick, error free and convenient for the customers. Furthermore, a basic percept of marketing is that customer satisfaction with a product will possibly lead to repeat purchases and favourable word-of-mouth advertising. In fact, customer satisfaction is widely recognised as a key pressure in the formation of

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consumers future purchase. In todays highly competitive, increasingly consolidated world, offering personalized and differentiating services can be critical to organization success.

The foreign exchange trading in India is growing at a really good pace however it is said that the forex market is still in the early phase in India. Nevertheless there are already several big players in the Indian forex market. Companies like UAE Exchange, Thomas Cook, Western union, and Lulu Exchange etc were in this industry. In this context it is important that the company should provide its best to the customers to retain its position in the market and make a good market share. In this scenario the customer satisfaction regard with the product and services got importance. If the customer is not satisfied with what the company offered, they will look into an alternative and move to the close substitute of the same product. This project considers different aspects that used to identify the customer satisfaction level of the users those who avail the product and services of UAE Exchange. From that we can get an idea about what all are the products and services offered by the organization and the satisfaction level of the customers using that product. Another important thing is to identify the percentage or number of customers who is doing business with other organization. From that we can ascertained that whether the customer is satisfied with the services offered by that organization. A comparison between product and services of UAE Exchange and other competing organization will help to identify the customer preferences. With the help of that result the organization can frame or change their policies according to the needs. Customers have different levels of satisfaction as they have different attitudes and experiences as perceived from the company. Customers satisfaction is affected by the importance placed by the customers on each of the attitudes of the product and service in question. Customer satisfaction measurement allows an organization to understand the key drivers that create satisfaction or dissatisfaction; and what is really driving their satisfaction during a service experience. It is a well-researched fact that investments in customer satisfaction, customer relationships and service quality leads to profitability and market share. Put differently, customer satisfaction leads to customer loyalty and

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this also leads to profitability. If customers are satisfied with a particular high quality service offering after its use, then they can be expected to engage in repeat purchase and even try line extensions and thus market share can be improved.

1.2 RATIONALE OF THE STUDY It is very important that all the companies must retain a loyal base of customers. In order to achieve this and better their market and profit positions, many organizations are increasingly retains a loyal base of customers. In order to achieve this and better their market and profit positions, the company should rearrange and targeting their strategies and policies towards improving the overall satisfaction levels of their customers and building upon their loyalty through improved service quality. The main concern of the study is to provide information that would help the management to evaluate and redesign its current marketing strategies in order to improve the overall customer satisfaction levels, which, in turn, can help them, retain their existing customers and also attract new ones in todays competitive environment

1.3 SCOPE OF THE STUDY

The study is specific only to the customers of UAE Exchange in Ernakulam city. This project study revolves around the customer satisfaction of product and services and the factors related with that.

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CHAPTER 2

INDUSTRY AND COMPANY PROFILE

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INDUSTRY PROFILE:
2.1 INDIAN NON BANKING FINANCE COMPANIES Non-banking financial companies (NBFCs) form an integral part of the Indian financial system. The history of the NBFC Industry in India is a story of under-regulation followed by over-regulation. Policy makers have swung from one extreme position to another in their attempt to set controls and then restrain them so that they do not reduce the growth of the industry. Non Banking Financial Companies or NBFC in India are registered companies conducting business activities similar to regular banks. Their banking operations include making loans and advances available to consumers and businesses, acquisition of marketable securities, leasing of hard assets like automobiles, hire-purchase and insurance business. Though they are similar to banks, they differ in a couple of ways. NBFCs cannot accept demand deposits (deposits that can be withdrawn at immediate notice), they cannot issue cheque to customers and the deposits with them are not insured by the DICGC (the India equivalent of FDIC in the US system). Either the RBI (Reserve Bank of India) or the SEBI (Securities and Exchange Board of India) or both regulate NBFCs. A bank is a financial organization that accepts the deposits from the public for the purpose of lending the same to the public in the form of loan. Non Banking Financial Companies are financial institutions that provide banking services without meeting the legal definition of a bank. That is the non banking finance company and the banks are not the same. In another words it does not hold a banking license. These institutions are not allowed to take deposits from the public. Nonetheless, all operations of these institutions are still exercised under bank regulation. Though the NBFCs have been around for a long time, they have recently gained popularity amongst institutional investors, since they facilitate access to credit for semi-rural and rural India where the reach of traditional banks has traditionally been poor. NBFCs have also had a major impact in developing small business in rural India through local presence and strong customer relationships. Usually the loan officers in such NBFCs know the end

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customer or have a strong informal understanding of the credibility of the borrower and are able to structure their loans appropriately. With the next wave of growth in India expected to come from the semi-rural and rural sectors, the unique access of NBFCs to these sector puts them in a great position to benefit from this growth. As evidence of their attractiveness, Goldman Sachs bought a 20% stake in Sriram Credit for 75 mUSD in Q1 2008. Credit Suisse is planning to take a majority stake in Bokdia Marketing and Finance (as reported in May 2008). Foreign Institutional Investors (FII) are also setting up their own NBFCs in India to offer corporate banking and private banking operations. As an example, Societe Generale got approval for its NBFC launch in the country in October 2007. The French financial services group plans to strengthen its brand in India though NBFCs. A non banking financial company is a company registered under the Companies Act, 1956 and is engaged in the business of banks and advances, acquisition of shares, bonds, debentures , securities issued by government or local authority or other securities of like marketable nature, leasing, hire purchase, insurance business, chit business, foreign exchange transactions. But this does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase /construction of immovable property. A non banking institution which is a company and which has its principal business of receiving deposits under any scheme or arrangement or any other manner, or lending in any manner is also a non banking financial company. NBFCs are doing functions to that of banks; however there are a few differences: I. A NBFC cannot accept demand deposits from the public. Demand deposits are funds deposited at a depository institution that are payable on demand made by the depositor. That is immediately or within a short period like current or savings accounts that maintained in the banks. II. It is not a part of the payment and settlement system and as such cannot issue cheques to its customers. III. Deposit facility of DICGC (deposit insurance and credit Guarantee Corporation) is not available for NBFC depositors unlike in case of banks.

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2.2 TYPES OF NBFCs

With effect from December 6, 2006 NBFCs registered with RBI have been classified as:

I. II. III.

Asset Finance Company Investment Company Loan company

AFC would be defined as any company which is a financial institution carrying as its principal business the financing of physical assets supporting productive/ economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines.

Investment Company is any financial intermediary whose principal business is that of buying and selling of securities.

Loan Company means any financial institution whose principal business is that of providing finance, whether by making loans or advances or otherwise for any activity other than its own (excluding any equipment leasing or hire-purchase finance activity).

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COMPANY PROFILE:

2.3 UAE EXCHANGE GROUP

The UAE Exchange Group is one of the largest and most trusted financial institutions in the world offering money transfer and money exchange services in the United Arab Emirates. Headquartered in Abu Dhabi, the Group commenced business in UAE in 1980. The Group was founded by the great visionaries His Excellency Abdulla Humaid Al Mazroei and Dr. B R Shetty. It has, expanded its operations all over the UAE with associates in neighbouring Middle Eastern countries, India, USA, UK, Australia and Sudan besides liaison offices in India, Bangladesh, Sri Lanka and Pakistan.

2.4 HISTORY
New Medical Centre (NMC) Group:

It is one of the fastest growing and most prestigious business conglomerates in the UAE and was established in Abu Dhabi in 1975 by two visionaries, His Excellency Abdulla Humaid Al Mazroei, (former Minister of Justice and Law in the UAE Cabinet) and the business magnate Dr. B R Shetty. The Group has a global network of companies engaged in various business interests across the Middle East, India, Sri Lanka, Bangladesh, Australia, USA, UK ranging from Healthcare, Pharmaceuticals (Manufacturing & Trading), Medical & Scientific equipment to Foodstuff, Catering & Hospitality, Information Technology, Gold & Diamond jewellery, Engineering services, Financial Services and Advertising & Public Relation.

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UAE Exchange centre LLC:

UAE Exchange Centre LLC, Abu Dhabi is an ISO certified, Limited Liability Company established under the UAE Commercial Companies Law in Dubai with its corporate office at Abu Dhabi, UAE from where the central administration of the company is carried out. Presently, the company has liaison offices in India at Kochi, New Delhi, Chennai, Mumbai, Hyderabad and Jallandhar for coordinating with the companys correspondent banks in India and for speedy transfer of remittances.UAE Exchange Centre LLC has a strong tie-up with over 90 correspondent banks around the globe. The company commenced its liaison office in India on January 01, 1997 at Kochi as per the specific approval received from the Reserve Bank of India on September 24, 1996. All the activities of the Indian liaison offices are controlled and managed from the Kochi office. The entire operational expenses of all liaison offices in India are met exclusively from the funds received from the head office at Abu Dhabi through normal banking channels.

UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one of the leading exchange houses in the Middle East, primarily focusing on money transfers and money exchange, and is part of the NMC Group, one of the biggest and the most prestigious business conglomerates in the UAE. UAE Exchange have pioneered new standards in fund transfer services since our establishment in 1980, ever staying ahead of competition with advanced and slick enhancements in the technology, operations and customer service spheres.

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2.5 COMPANY PORT FOLIO

The Company's portfolio of services include Draft cheques, Swift transfers, Ex- press transfers, Xpress Money transfers, Western Union money transfers, Travelex money transfers, Credit card settlement services and cash advances, Inter-Emirates money transfers, purchase and sale of foreign currency bank notes, and Travellers Cheques in retail and wholesale.

UAE Exchange celebrates 32 progressively successful years of commitment to quality products and an unblemished image, which has empowered it to become an acknowledged force in the world remittance market. UAE Exchange an organization which believes in fair management and operational practices, continually motivated to perform the regulators, customers' and society's high expectations and standards.

2.6 INDIAN OPERATIONS

The UAE Exchange group commenced its Indian operation in 1999 with 5 branches in the state of Kerala as UAE Exchange & Financial Services Ltd. It was incorporated as a Public Limited company in 1995 under the Indian Companies Act 1956. It is also registered with the Reserve Bank of India as a public limited non banking finance company (NBFC). The company has its registered office at Manipal Centre, Dickenson Road, Bangalore- 560 042, Karnataka, and the Administrative office at Airlines Buildings , M G Road, Kochi- 682 011, Kerala.

The company is one of the fastest growing financial institutions in India offering Money Transfer, Foreign Exchange, Travel and Ticketing, Tours, Gold loan and Financial Advisory services in a highly automated environment. Presently the company has over 300 fully automated and operational branches, 3000 employees and over 2500 sub agent locations spread across India.

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The company commenced inward remittance and money changing business in September 1999 as per specific licences received from the apex bank of the country, the Reserve Bank of India, for the same. The company also has a full-fledged IT division for developing comprehensive, user friendly software solutions for India as well as international market. The milestones in the history of this organization are: Incorporated in India in 1995 as a public limited company, Dr. B R Shetty and H.H. Abdulla Humaid Al Mazroei laid the first building blocks of the UAE Exchange Group. 1999 UAE Exchange became fully operational with its branch at MG Road, Bangalore and the first Xpress Money payment given out on 1 September 1999 at P T Usha branch Kochi. 2000 UAE Exchange started Money Exchange, later renamed as Foreign Exchange, as per specific licenses received from the apex bank of the country, The Reserve Bank of India. 2001 UAE Exchange added one more service Travel and Ticketing services. The company is an IATA accredited passenger sales agent and also an active member of TAAI. UAE Exchange has 7 IATA locations in India. The company also opened the 50th branch in Surat, Gujarat. 2002 a separate wing for Agency Business was formed. UAE Exchange also included another service, Insurance, in 2003 partnering with LIC and United India Assurance company. 2004 the company opened the 100th branch in Mattannur Kerala. In 2005 UAE Exchange also started Tours along with Travel services. 2006 UAE Exchange opened its 200th branch at Mangalore. 2006 was a landmark year in the history of Indian operations of UAE Exchange. The RBI elevated the company to Authorized Dealer II category, thus becoming the first FFMC (full fledged money changers) in Indian history to get the status. 2008 UAE Exchange entered into the realm of another service Gold Loan and provides EMI repayment option for customers.

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2009 the company received the license under payment and settlement acts from RBI to operate a debit mode of payment system and thus introduced XPAY, an indigenously developed mobile based payment system.

2.7 ADVANTAGES Fully automated operations Multilingual and courteous staff Innovative services and quality products Competitive rates and charges Promptness, safety and confidentiality of transactions Spacious, comfortable and strategically-located branches Personalised customer care Full-functioning customer-service department Prompt and Secure Wire Transfer facility via SWIFT World-wide Correspondent network consisting of over 95 major banks

2.8 MAJOR BUSINESS ACTIVITIES: The following are the major business activities of this organization.

2.8.1 MONEY TRANSFER UAE Exchange & Financial Services Ltd is the Paying Agent for Xpress Money in association with UAE Exchange Centre LLC, Abu Dhabi and for MoneyGram services in association with MoneyGram Payment Systems Inc., USA. Money Transfer service is provided at the companys countrywide branches and sub-agent locations, including several esteemed banks and financial institutions, in accordance with the specific permission accorded to us by the Reserve Bank of India for Money Transfer Service Scheme. The essentials of money transfer service are:

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I.

Identification of the Customer

a.

Before effecting a transaction, the staff should confirm the identity of the customer with the help of any valid photo identity card /document that helps in such identification.

b.

The customer should produce the above documents in original and staffs has to ensure its genuineness.

c.

Inspection of all documents should be carefully done. The photo, name, signature, expiry date, etc. given in all the documents and papers should be carefully checked.

d.

Every time the staff should ask for the original identity of the customer and counter check the same with the information available in the customer database.

e.

The customer, the concerned staff and the cashier are required to sign (Full Signature) the application to execute any transaction. "No Signature No Transaction" shall be the thumb rule.

II.

Registering the Customer

a.

UAE Exchange and Financial Services Ltd insist on a valid identification from its customers to avail Money Transfer payments.

b.

Regular customers are registered and identified with a Customer Reference Card having a Unique Number.

c.

All transactions with the registered customers will be linked to the "Unique Customer Number". The History of the transactions done by any customer can be accessed at any point of time for scrutiny.

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III.

Transaction Form Filling

a.

Individual customer shall fill in the prescribed form (Receive Now Form for Xpress Money and Receive Form for Money Gram). For one-time customers, copy of a valid ID is compulsorily taken to avail the service. For regular customers, Customer Reference Card is compulsory.

b.

Modifications or Additions in the Receive Now form shall be done at the respective branches by a specially designated person following prudent procedures.

c.

The formats shall be signed (Full Signature) by the customer in the presence of the designated officer of UAE Exchange and Financial Services Ltd.

IV.

Large Value Transactions

a.

Customer, whether registered or not, have to declare details such as Purpose of Remittance and give the details of the Sender.

b. Maximum amount allowed under a single transfer is USD 2500/-. c. The maximum number of transactions an individual can receive in a calendar year is now fixed at twelve per principal. d. The purpose of remittance has to be for domestic use / family maintenance. Remittances for other purposes like trade or commercial, charitable trust, donation etc. are not allowed. e. The branches shall ensure to take a declaration from the beneficiaries confirming the above purpose and number of transaction. f. The maximum amount a beneficiary can collect in cash in a day is Rs. 50,000/-. More than one transaction shall not be paid to a single beneficiary in cash in a day. Any payment above Rs. 50,000/- shall be affected by A/C payee cheque for the whole amount.

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XPRESS MONEY:

Xpress Money is the fastest mode of transferring money to any part of the world in minutes. Registered in the UK, it is a unique offering, brought to you by UAE Exchange Centre LLC. Xpress Money Policy Statement Only Individual to Individual transfers are allowed under X-press Money. Due diligence is carried out prior to appointment of X- press Money Agents.

Regulations X-press Money prohibits remittances to Charitable and Religious Organizations. X-press Money gives special attention to transactions with or originating from countries identified by the FATF as being non-co-operative combating money laundering & terrorist financing. The list of suspected names (Watch List) issued by various regulatory authorities is being timely updated in the system. X- Press Money Transfer Transaction is limited to USD 2500 worldwide.

As one of the most popular instant money transfer services of the world, Xpress Money offers true value for your money with nominal charges, reliability ensured with state-ofthe-art technologies, simplified transaction procedures, and instant payout to the beneficiary. It offers a one-stop solution to the customer who wants to send money urgently across the world, realised by a world-wide network of over 5500 agent outlets. .Exchange offers credit card dues settlement facility to the credit card holders of major local and international banks in the UAE, without any service charges

2.8.2 MONEY EXCHANGE

UAE Exchange & Financial Services Ltd is approved by the Reserve Bank of India as a Authorized Dealer to conduct Money Changing operations. Today, the company is one of the largest Money Changers in the country in terms of both volume and network. The company is engaged in the following money changing activities:

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1. BUYING & SELLING OF FOREIGN CURRENCY BANK NOTES The companys countrywide branches purchase and sell major Foreign Currency Bank Notes to the Public, Authorized Dealers and other Authorized Money Changers.

2. ISSUANCE & ENCASHMENT of MAJOR TRAVELLERS CHEQUES - The Companys countrywide branches en-cash Travellers Cheque in all major foreign currencies. The company is the authorized agent of American Express for the issue of American Express Travellers Cheque.

3. INTERNATIONAL DEBIT CARDS/ WORLD CURRENCY CARD The Company has tied up with IDBI BANK and AXIS BANK to promote the International Debit Card/WCC card through the companys branches. 4. SAUDI RIYAL SAR DRAFTS The branches of the company issue SAR drafts for Hajj pilgrims in association with UAE Exchange Centre LLC, Abu Dhabi, with specific approval from the Reserve Bank of India.

5. SENDING MONEY ABROAD(SWIFT/FCDD) UAE Exchange has tied up with ING Vysya bank, HDFC bank and Thomas Cook to handle transfer of money abroad.

6. EXPORT OF FOREIGN CURRENCY BANK NOTES & TRAVELLERS CHEQUES The Companys wholesale division exports the surplus Foreign Currency Bank Notes and Travellers Cheques to buyers in the overseas market.

Encashment of Foreign Currency Notes and/or Travellers Cheques:

a. For purchase of foreign exchange less than US $200 or its equivalent Photocopies of the identification document need not be kept on record.
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However, full details of the identification document and contact details should be maintained in the encashment certificate. b. For encashment of foreign exchange from US $200 onwards or its equivalent. Valid photo identification is compulsory and the photocopies of the identification document should be maintained. c. Currency Declaration Form

Where the amount of Forex tendered for encashment by a non-resident or a person returning from abroad exceeds the limits prescribed for Currency Declaration Form (CDF), the same should invariably insist for production of declaration in CDF. As against the provisions to make cash payments while providing encashment up to US $1000 or its equivalent, the amount has been increased to US $2000 while providing encashment to NRIs/Foreigners. The earlier limit of USD 1000 stands as it is while providing encashment to residents. All encashment within one month may be treated as single transaction for the purpose. In all other cases AMCs should make payment by way of Account Payee cheque/demand draft only.

Sale of foreign exchange:

The sale of Forex should be made only on personal application and identification. For identification purpose, the passport of the customer should be insisted upon. Payment in excess of Rs. 50,000/- towards sale of foreign exchange should be received only by account payee cheque/demand draft. All purchases by a person within one month may be treated as single transaction for the purpose. Encashment Certificate, wherever required, should also be insisted upon.

2.8.3 TRAVEL & TICKETING

The company has a Travel Division at the Administrative Office, Kochi by the name UAE Exchange Travel Services. It commenced travel and ticketing operations in 2001 and is accredited as an approved Passenger Sales Agent by IATA, Canada (IATA

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Registration no. HO-14-3 5580. UAE Exchange Travel Services provides Domestic & International Air tickets for customers and renders assistance in getting Emigration Clearance, Certificate / Document Attestations, Passport Application and other allied services.

2.8.4 XPRESS LOAN

UAE EXCHANGE has been successfully doing gold loan as value added service to their loyal and valuable money transfer customers from June 2008. Recently the company extended gold loan product to all customers in addition to money transfer customers. The company provides Loan against gold ornaments, shares and loan for purchasing vehicles. The loans provided are subject to the guidelines of the Reserve Bank of India. The Company, among other things, sanctions/disburses loans for various purposes to those who comply with its requirements.

I.

Application for loan The company shall prescribe proforma of application for loans. The

application shall contain the essential details of the applicant.

a. Name and address of the applicant b. Amount of loan required c. Purpose for which loan is required d. Period of loan e. List of documents to be submitted along with the application like photocopy of election identity card, pass port, driving licence or pan card. f. Collateral security details g. Declaration

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II.

Acknowledgement of application The company shall acknowledge receipt of application for loan duly

signed by its authorized official over the companys seal/stamp indicating the approximate number of days required for processing of the application.

III.

Processing of application All application shall be duly processed by the authorized officials of

the company within 15 days from the date of receipt of application.

IV.

Loan appraisal and terms/conditions Where an application for loan is rejected, the company shall advise

the applicant giving the reason thereof. In all other cases and on sanction of the loan the same shall be conveyed in writing by way of a sanction letter giving details as under: a. Amount of loan sanctioned b. Period of loan c. Rate of interest d. Processing charges e. Method of application/ calculation of interest i.e. whether its on constant balance or reducing balance etc. f. Penalty for delayed the payment of instalment g. Charges for pre payment of loan

INTERNAL GUIDELINES ON INTEREST AND PROCESSING CHARGES

Rate of interest: The rate of interest of the company at which it lends varies according to the cost of fund. Depending on the risk involved the rate of interest also varies as per the period for which the loan is availed by the borrower. The rate of interest so levied at higher rate over the base rate charged by the company will he recovered as risk charges. In determining the interest rate, the company has formed internal committee and it meets periodically to analyse the situation and fix the interest rate in consonance with

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the prevalent market conditions. In determining the interest rates the company will follow the appropriate internal principles and procedures confirming to normal financial services.

Processing charges: Loan processing charge will be Rs. 250 or 1% of the loan whichever is higher. Any charge in the interest rate will be informed to the borrower and acceptance of these terms and conditions are to be recorded by obtaining the signature of the borrower.

V.

Disbursement of loans including changes and conditions

a. The company shall upon receipt of all documents for disbursement of loan and the same being in order, disburse the amount of loan either by way of cash or by way of a crossed cheque drawn in favour of the borrower.

b. The company shall acknowledge receipt of documents/collateral securities and undertake to keep them in its safe custody till such time the loan amount together with the interest there of is repaid.

c. The loan Agreement among other things shall contain the details of the borrower/lender, amount of loan, period of loan, rate of interest, method of calculation of interest, penalty for pre payment or delayed payment of instalment etc. The details of collateral securities submitted, value thereof and the copy of the same will be provided to the borrower together with enclosures.

d. Besides collateral securities, the company may also insist upon guarantees such as personal guarantees acceptable to the company, or issued by the banks etc. The cost of obtaining and furnishing such guarantee shall be to the borrowers account.

e. Stamp duty, registration charges, other taxes if any applicable for registration of the loan agreement shall be borne by the borrower.
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f. Decision to recall/accelerate the payment or performance under the agreement shall be in consonance with the agreement and should be with prior intimation to borrower and acceptance of the same by the borrower should be kept on records.

g. The company shall give due notice of changes if any ain any or all the terms and conditions of the loan agreement. Changes if any in the interest rate s shall be affected prospectively.

h. The company shall furnish a statement of account relating to the borrowed account as on 31st march of each year or at such intervals as the borrower may require for purposes such as income tax etc.

i. The company shall release all securities held by it as collateral against the loan only on repayment of dues completely or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim of the company against borrower. The company shall exercise its right of set off with due notice to the borrower giving full particulars about the remaining claims and the conditions under which the company is entitled to retain the securities till the relevant claim is settled.

j. The company shall build a repossession clause in the agreement in the case of repossession of vehicles which will be legally enforceable. The terms and conditions for repossession of vehicles contains, (a) notice period before taking possession (b) circumstances under which the notice period can waived (c) the procedure for taking possession of the security (d) a provision regarding final chance to be given to the borrower for payment of loan before sale/auction of the property (e) the procedure for giving repossession to the borrower and (f) the procedure for sale/auction of the property. The company shall provide a copy of the terms and condition to the borrowers.

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2.9 ORGANIZATION STRUCTURE

Fig: 2.1 Organization Structure

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For the smooth functioning of the organization, there is an organizational structure headed by the Chairman and Managing Director. For looking into the global operations there is a Chief Operating Officer assisted by Country Heads. Each country operation is handled by the Country Heads. The various departments are headed by Head of that Departments and senior department heads. The organizational structure has also got regional offices in different parts of India to oversee the functioning of branches in these regions

2.10 VARIOUS DEPARTMENTS IN UAE EXCHANGE

Accounts Department This department handles all the payments and receipts made by the organization. It also manages the accounts which include the accounts of money transfer. It also handles various expenses and monitoring the asset of the organization. Finance Department Funding operations, funding control etc taken care of by the finance department. At the end of the financial year the preparation of balance sheet to ascertain the profit and tax done by this department. Purchase Department This department handles all the purchase operations, printing and stationary, stock maintenance, interior design etc taken care of. Internal Audit Department Audit inspection in the organization is handled by this department.

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Human Resource Department HR department deals with the recruitment process, training and development process and have the authority in leave and transfer process. It also deals in bank operation and employee emoluments.

Forex Department Forex department deals with the purchase, sale and remittance of currencies.

Travel and ticketing Department This department deals with all international and domestic travel operations. This department also taken care of other travel services.

Allied products Department This department deals with allied products like general insurance, tours and gold loan.

Business Development Department This department deals with all marketing, corporate sales and customer care functions.

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2.11 BRANCH STRUCTURE

Fig: 2.2 Branch Structure

BRANCH MANAGER

ASSISTANT BR. MANAGER

SENIOR OFFICER

OFFICER

STAFF

STAFF

STAFF

STAFF

SUB STAFF

SUB STAFF

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UAE Exchange has 300 branches and 3000 employees in India. Every branch comes under the direct control of the 21 regional offices located in different parts of the country. For the smooth functioning of an organization there should be a structure defines the authority and responsibility. In this organization every branch has a branch head that is the main authority of that branch. In the Ernakulam MG road branch there are 10 employees. The hierarchy goes like this. There is one assistant manager, a senior officer and an officer to assist them. There are four staffs and two sub staffs.

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CHAPTER 3

RESEARCH METHODOLOGY

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3.1 TITLE OF THE STUDY

A Study on Customer Satisfaction Towards Various Products And Services of UAE Exchange In Ernakulam City.

PROBLEM
There are many players in currency exchanging and money transfer industry. The management wants to know the major competitors, customers over all level of satisfaction and identify the position of UAE Exchange when compared to other brands.

3.2 OBJECTIVES
The following objectives should be taken into consideration to find out the satisfaction of customers towards the products and services that provided by the UAE EXCHANGE. The objectives of this project study are: a. Find out the frequency of transactions made by the customers in the organization. b. Identify or find out the reasons, why the customers prefer UAE EXCHANGE for their business transaction. c. Find out the total time taken to conclude the transaction by the customers. d. Identify the customer-employee relationship while in the business transaction. e. To find out whether the services and products are affordable to the customers. f. Identify the response time taken to rectify the complaints. g. Identify the level of satisfaction regard with the products. h. To find out customer preferred brands other than UAE Exchange.

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3.3 RESEARCH DESIGN

Descriptive research design was adopted to conduct the research based on customer satisfaction.

3.4 SAMPLING DESIGN

Population for the data collection is the users of UAE EXCHANGEs product and services in Ernakulam city. A sample of 150 respondents is taken as sample size. Convenience sampling is used to get the data.

3.5

TOOLS FOR DATA COLLECTION

Structured questionnaire was used to collect the primary data.

3.6

TOOLS FOR DATA ANALYSIS

Statistical tools like percentage and charts like bar diagrams and pie charts were used to analyse the collected data.

3.7

LIMITATION OF THE STUDY Study is restricted to only one branch and one city. The accuracy of report depends upon how honestly or sincerely the respondents have answered.

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CHAPTER 4 DATA ANALYSIS AND INTERPRETATION

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Age profile of the customers:

Age Below 20 21-30 31-40 41-50 Above 50 Total

No. of Customers 8 64 32 27 19 150 Table: 4.1 Age profile

Age profile
No.of Customers 43%

21%

18% 13%

5%

Below 20

21-30

31-40

41-50

Above 50

Fig: 4.1 Age profile of customers Interpretation: According to the data 43% of the total sample belongs to the age group of 21-30. 21% of the customers lie in the age group between 31 and 40. 18% are part of the 41-50 age groups. Customers who have the age above 50 are come around 13% of the sample. 5% are below 20 age limit

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Gender classification of the customers:

Gender Male Female Total

No. of Customers 117 33 150 Table: 4.2 Gender classifications

Gender

Female 22%

Male 78%

Fig: 4.2 Gender classifications

Interpretation: This diagram shows the gender classification of the customers. Out of the 150 sample size 117 customers are male and rest of the 33 customers are female.

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Product port folio of UAE Exchange:

Product Foreign Exchange Money Transfer Travel and Tours Gold loan Vehicle Loan General Insurance Total

No. of Customers 65 66 17 0 2 0 150 Table: 4.3 Product port folio

Product port folio

No. of Customers 43% 45%

11% 1% Foreign Exchange Money Transfer Travel and Tours Gold loan Vehicle Loan General Insurance

Fig: 4.3 Product port folio Interpretation: From the sample of 150, 43% of the customers are using foreign exchange transaction. 45% customers doing money transfer facility with the organization. Travel and tours got a 11% customers. 1% of the remaining customers took the vehicle loan. None of the customers took either gold loan or general insurance from UAE EXCHANG

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Frequency of transaction:

Frequency of Transaction Once in a month Twice a month Once in Two months Once in Three months Once in Six months Total

No. of Customers 31 9 9 26 75 150 Table: 4.4 Frequency of transactions

Frequency of transaction
No. of customers 50%

21%

17% 6% 6%

Once in a month

Twice a month

Once in Two months

Once in Three months

Once in Six months

Fig: 4.4 Frequency of transactions

Interpretation: Most of the customers ie, 50% of the sample population used the product once in six months. 21% customers came once in a month and 6% twice in a month. 17% of the customers come once in three months and remaining 6% once in two months.

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Preference level of Customers:

Preference Reliability Location and Timing Rates and Charges Faster Credit Service at the Counter Total

No. of Customers 47 42 28 16 17 150 Table: 4.5 Preference levels of Customers

Preference level
No.of Customers 31% 29%

19% 11%

10%

Reliability

Location and Timing

Rates and Charges

Faster Credit

Service at the Counter

Fig: 4.5 Preference levels of Customers

Interpretation: 31% of the customers prefer because of reliability. 29% prefer because of location and timing. 19% prefer this because of the rates and charges levied by the organization. 10% customers prefer faster credit provided by the organization and remaining 11% because of the service rendered by the employees at the counter were good.

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Transaction time taken by the customers:

Transaction time Less than 5 minutes 5-10 minutes 10-20 minutes 20-30 minutes More than 30 minutes Total

No. of Customers 10 93 32 12 3 150

Table: 4.6 Transaction time taken

Transaction time taken

No.of Customers 62%

21% 7% 8% 2% Less than 5 minutes 5-10 minutes 10-20 minutes 20-30 minutes More than 30 minutes

Fig: 4.6 Transaction time taken Interpretation: 62% of the customers conclude their transaction between 5-10 minutes. 21% of the customer took 10-20 minutes to conclude their transaction. 7% customers felt that the branch took less than 5 minutes to conclude the business. 8% of the customers took 2030 minutes and 2% took more than 30 minutes to conclude their transaction.

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Courteousness of branch staff:

No. of Customers Very Good Good Moderate Bad Very Bad Total 32 70 42 5 1 150

Table: 4.8 Courteousness of branch staff

Courteousness of Staff
No. of Customers 47%

28% 21%

3% Very Good Good Moderate Bad

1% Very Bad

Fig: 4.8 Courteousness of branch staff

Interpretation: 21% said that the helpfulness of staff is very good. 47% felt that it was good. 28% has moderate opinion. 3% of the sample felt that it was bad and the remaining 1% said it was very bad experience.
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Affordable service provider: No. of Customers Strongly Agree Agree Neutral Disagree Strongly Disagree Total 25 91 29 4 1 150 Table: 4.9 Affordable services provider

Affordable service provider

No. of Customers 61%

17%

19%

2.50% Strongly Agree Agree Neutral Disagree

0.50% Strongly Disagree

Fig: 4.9 Affordable services provider Interpretation: 17% believes that the charges are reasonable and they strongly agree with that. But 61% of the customers, which is more than half of them, just agree that the charges are reasonable. 19% customers have no opinion. 2.5% disagree with the statement and remaining 0.5 % strongly disagrees with the statement.

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Speedy responses to the complaints:

No. of Customers Strongly Agree Agree Neutral Disagree Strongly Disagree No complaints Total 8 46 35 3 1 57 150 Table: 4.10 Speedy responses

Speedy responses
No. of customers 38% 31% 23%

5%

2.50% Agree Neutral Disagree

0.50% Strongly Disagree No complaints

Strongly Agree

Fig: 4.10 Speedy responses Interpretation: According to the data 38% of the customers have no complaints about the products and services of UAE EXCHANGE. 5% strongly agrees that complaints are rectified soon and 31% agrees the same. 23% of the customers have no opinion regarding this. From the sample 2.5% customers disagree and 0.5% strongly disagrees with the statement.

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Customer satisfaction on Foreign Exchange: Level of Satisfaction Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied Total No. of Customers 14 46 2 2 1 65 Table: 4.11 Customers satisfaction on foreign exchange

Foreign Exchange
No.of Customers 71%

22%

3% Highly Satisfied Satisfied Neutral

3% Dissatisfied

1% Highly Dissatisfied

Fig: 4.11 Customers satisfaction on foreign exchange

Interpretation: 22% of the customer highly satisfied with the transaction. 71% of customers are satisfied with the business. 3% has no opinion. 3% customers are dissatisfied with the transaction and the remaining 1% is highly dissatisfied.

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Customer satisfaction on Money Transfer:

Level of Satisfaction Satisfied Neutral Dissatisfied Total

No. of Customers 61 4 1 66

Table: 4.12 Customers satisfaction on money transfer

Money Transfer
No. of Customers 92%

6% Satisfied Neutral

2% Dissatisfied

Fig: 4.12 Customers satisfaction on money transfer

Interpretation: 92% of the customer said that they are satisfied with the business transaction. 6% has no opinion. The remaining 2% is dissatisfied with the product. The important thing is that no one highly dissatisfied with the product.

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Customer experience on other brands:

No. of Customers Yes No Total 79 71 150 Table: 4.14 Customer experience on other brands

Experienced other products

No.of customers 53%

47%

Yes

No

Fig: 4.14 Customer experience on other brands Interpretation: 53% of the customers did the same business with other organization. 47% customers did not make the business with other organization.

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Customer preferred Brands:

Brands Thomas Cook Western Union SIB Express Muthoot Finance Others Total

No. of Customers 21 30 2 3 23 79 Table: 4.15 customers preferred organizations

Preferred Brands
No.of Customers 38%

29% 26%

3% Thomas Cook Western Union SIB Express

4%

Muthoot Finance

Others

Fig: 4.15 customers preferred organizations Interpretation: About 38% used the services of Western Union money transfer and exchange. Others include Lulu, SBT, and Mahindra etc. This constitutes 29% of the total customers Thomas Cook got 26% of customers. 3%used the product of South Indian bank and the remaining 4% with Muthoot Finance.

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Level of satisfaction with UAE EXCHANGE:

Level of Satisfaction Satisfied Neutral Dissatisfied Total

No. of Customers 67 9 3 79

Table: 4.16 Level of satisfaction with UAE Exchange

Level of satisfaction
No.of Customers 84%

11% 5% Satisfied Neutral Dissatisfied

Fig: 4.16 Level of satisfaction with UAE Exchange

Interpretation: 84% is satisfied with the product and services of UAE Exchange. 11% have no opinion and stands neutral. Remaining 5% is dissatisfied with the organization.

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CHAPTER 5

FINDINGS, SUGGESTIONS AND CONCLUSION

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5.1 FINDINGS
78% of the respondents are male. 43% of the respondents belong to the age group 21-30 years. More than 90% of the respondents have chosen foreign exchange, money transfer and travel & tours. There were no customers for the product Gold loan and General insurance. 50% of the respondents have often avail services once in six month. This includes first time customers also. Courteousness, helpfulness and product knowledge of branch staff is rated in upper positive side ie, very good. Majority of respondents are satisfied with currency exchange service, money transfer service and travel and tours. There were only two customers for the product vehicle loan. Both of them are satisfied with UAE Exchange. 62% of the customers conclude their transaction between 5-10 minutes. 60% of the customer preferred UAE EXCHANGE because of reliability and easy to access. (Location and Timing) 61% of the customers agree that the charges made for the services are reasonable. Majority of the customers have no complaints about the product and services provided by the organization. 53% of the sample were used or avail product and services other than UAE EXCHANGE. According to the sample Western Union and Thomas cook is the close competitor of UAE EXCHANGE. Compared with the competitors, the services provided by the organization is satisfied. It is found out that majority of the customers are satisfied with the product and services of UAE Exchange.

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 One of the main reasons for increasing waiting time is problem with the electronic equipments.

Customers were not avail the service between 1.30 pm and 2.00 pm. 5.2 SUGGESTIONS
The organization should provide offers to their customers who have been with them for more than a particular period. This can help to further increase in the satisfaction level. By providing unique identity cards or numbers to the regular customers, standard procedures can be eliminated and as a result a speedy transaction is possible. Since there is a close competition, UAE Exchange should expand their business by adding more agencies for their product and services. Since there were no customers for gold loan and general insurance, it is observed that the customers are not aware about these products. So, promotional activities should be taken care of.

5.3 CONCLUSION
This project attempts to study the customer satisfaction level with different product and services of UAE EXCHANGE. In this competitive world each company wants to taken an edge over the other to become the market leaders. Successful organisation can use customer needs and expectations as a starting point and developing proposals around their customer's needs and expectations. Measuring satisfaction seems to be just one element in this overall satisfaction management approach. One of the key elements of a successful marketing strategy is development of product and promotional stimuli that consumers will perceive as relevant to their needs. The company should consider customer perception to improve their promotional strategies of UAE Exchange. Since the customer is the king of the market today, the company should analyze the needs and wants of customers. Company should know what the customer is actually looking forward from them.

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With the help of the study, the overall satisfaction level of the customers is identified. One of the important finding is that there were no customers for the product general insurance and loans that provided by the UAE EXCHANGE. To promote these products to a higher level the company should take high promotional activities to attract the customers. This includes advertisement campaigns, creating awareness about the company etc. One of the major barriers for these products is the rules and regulations imposed by the Reserve Bank of India. According to the latest regulation by the RBI, a non banking finance company is limited to issue loans up to 60% of the market value of the gold. This over regulation will decrease the business volume level of the NBFCs. By providing more satisfaction to the customers, the company can retain their valuable customers and through proper advertisement and marketing promotions it can attract the customers of competitors also. It is very important to take advantage over the competitor and gain customer preference to remain in a premium position in the market place.

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BIBLIOGRAPHY Naresh K. Malhotra and Satyabhushan Dash, 2011, Marketing Research- An Applied Orientation, Sixth Edition, Pearson. Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha, 2009, Marketing Management- A South Asian Perspective, 13th Edition, Pearson. Cooper Donald R. and Schindler Pamela S, 2003,Business Research Methods, Eighth edition, McGraw-Hill higher Education Market Research on factors affecting customer satisfaction, Ankit shah, ATL India. Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer satisfaction: the influence of the environment and customer service, Journal of Business and Industrial Marketing; Vol. 14 .

Websites: www.uaeexchane.com/uae-exchange/history www.uaeexchane.com/uae-exchange/forex www.uaeexchane.com/uae-exchange/tavel-tours www.uaeexchane.com/uae-exchange/remittance-retail www.wikipedia.org/wiki/UAE-Exchange

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ANNEXURES

Questionnaire:
Respected Sir/ Madam, I am Achu James, student of Rajagiri Business School, Cochin, Kerala. As a part of my curriculum, I am doing a project on A STUDY ON CUSTOMER SATISFACTION TOWARDS VARIOUS SERVICE OF UAE EXCHANGE In UAE EXCHANGE Ernakulam. Please answer the questions given below by marking a tick at the concern cell and help me out in carrying the study. 1. Name: 2. Age: Below 20 Above 50 3. Gender: Male Female 21- 30 31- 40 41-50

4. Which product do you normally use? Foreign Exchange Money Transfer Gold Loan Vehicle loan 5. How often do you avail our services? Once in a month Twice a month Once in 3 months Once in 6 months 6. Why do you prefer UAE Exchange for your transactions? Reliability Faster Credit Location & Timing Service at the counter

Travel and Tours General Insurance

Once in 2 months

Rates & Charges

7. What according to you is the time taken to conclude your transaction? Less than 5 minutes 20-30 minutes 8. Is the waiting time acceptable to you? Yes No 9. How do you rate the courteousness and helpfulness of branch staffs? 5-10 minutes 10-20 minutes More than 30 minutes

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V. Good Bad

Good V. Bad

Moderate

10. The charges made for the services are reasonable Strongly agree Agree Disagree Strongly Disagree

Neutral

11. Time taken by the company to respond to the complaints are very fast Strongly agree Agree Neutral Disagree Strongly Disagree

Level of satisfaction with the product and services of UAE EXCHANGE 12. Are you satisfied with the foreign exchange services provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 13. How will you rate your level of satisfaction with regard to money transfer services in UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 14. Are you satisfied with the fares and packages in travel &tours provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 15. How will you rate your level of satisfaction with regard to General Insurance with UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 16. Are you satisfied with the terms, conditions and interest rates with regard to the gold loan provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 17. Are you satisfied with the payment options, interest rates with regard to the vehicle loan provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

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18. Have you ever used the same product/services in any organization other than UAE EXCHANGE? Yes No

19. If yes, please select the organization. Thomas Cook Western Union Finance Others (Specify) :........................................

SIB Express

Muthoot

20. Compared to the services provided by other organization, your level of satisfaction with UAE EXCHANGE : Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

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